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Active managment – Going beyond the index

The debate over the merits of active and passive investing has been going on for some time. Ivy believes investors can derive the most long-term benefit through exposure to well-researched actively managed funds.

Market Perspectives/ 05.08.20

Looking beyond stock market volatility

Market volatility can be unsettling, but history shows that prices have returned to less volatile patterns over time. That can be good news for long-term investors.

Market trends show long-term investors generally have been rewarded over time. However, periods of extreme volatility can challenge even the most seasoned investors. Ivy believes having a perspective of the markets and the factors affecting them can be helpful in assessing current opportunities.

Navigating the Psychological Toll of COVID-19

Discover practice tips to helping support your clients during the pandemic.

Genlink

A succession plan for the next generation

You’ve spent your career teaching clients the importance of retirement planning and how to protect their assets. But have you considered what will happen to your business when it comes time for you to pass it to the next generation of advisors?

Genlink

Generational happiness

From loyalty to impact and autonomy to experiences discover how each generation defines happiness.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Focuses on providing income free from federal taxes while also preserving capital.

Morningstar Style Box

LTD

MOD

EXT

High

Medium

Low

Portfolio Management

Bryan J. Bailey, CFA

— Ivy Investment Management Company

— 18 Years with Fund

— 31 Years in Industry

Bryan Bailey is portfolio manager of Ivy Municipal Bond Fund. He has managed the fund since 2008; prior to that he managed the fund from 2000 to March 2007. He had been portfolio manager of the former Waddell & Reed Advisors Municipal Bond Fund since 2000. Mr. Bailey joined the organization in 1993 as a municipal bond trader and investment analyst. He was named assistant portfolio manager of the firm’s municipal bond funds in 1999. He was appointed vice president in 1999 and senior vice president in 2004. Mr. Bailey had been affiliated with Prudential Insurance and Financial Services in Indianapolis as a district agent and registered representative from 1985 to 1987. From 1988 to 1991 he was a municipal bond trader, underwriter and marketing specialist for Edward D. Jones & Company in St. Louis. In 1992 he was an associate with John Nuveen & Company, Inc. in Chicago, assisting the investment banking and health care groups. Mr. Bailey graduated in 1985 with a BS in Business from Indiana University. He earned an MBA in Financial Management/Statistics in 1993 from the University of Chicago Graduate School of Business. Mr. Bailey is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Kansas City.

Growth of a $10,000 Investment
through 5/31/2020

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes. If it had,
performance shown would have been lower.

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return
Average Annual Total Returns as of 5/31/2020

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

0.68%

2.64%

2.72%

2.74%

3.58%

3.81%

Bloomberg Barclays Municipal TR USD

1.24%

3.98%

3.81%

3.74%

4.14%

-

Morningstar Muni National Interm

-0.03%

2.38%

2.86%

2.86%

3.38%

-

Quarterly Rates of Return
Average Annual Total Returns as of 3/31/2020

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

-0.44%

2.83%

2.90%

2.34%

3.68%

3.76%

Bloomberg Barclays Municipal TR USD

-0.63%

3.85%

3.96%

3.19%

4.15%

-

Morningstar Muni National Interm

-1.53%

2.44%

3.03%

2.38%

3.42%

-

Calendar Year Return

Select Year Range

2015

2016

2017

2018

2019

2010

2011

2012

2013

2014

Class I

2.80

0.47

3.60

1.10

5.22

3.69

10.23

7.64

-3.05

7.86

Bloomberg Barclays Municipal TR USD

3.30

0.25

5.45

1.28

7.54

2.38

10.70

6.78

-2.55

9.05

Morningstar Ratingsas
of 5/31/2020

Category: Muni National Interm

Overall out of 244

★★★★

3 Year out of 244

★★★★

5 Year out of 217

★★★

10 Year out of 157

★★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking
through 5/31/2020

Category: Muni National Interm

Rank

Percentile

1 Year

108 /282

47

3 Year

133 /244

62

5 Year

115 /217

60

10 Year

51 /157

35

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

Expense Ratios
as of 7/31/2019

Net

0.70%

Gross

0.73%

5-Year Standard Deviation
as of 5/31/2020

Fund

2.89

Bloomberg Barclays Municipal TR USD

3.78

5-Year MPT* Statistics
as of 5/31/2020

Alpha

-0.36

Beta

0.75

R-Squared

96.50

Sharpe Ratio

0.55

Capture Ratio

Upside: 73.03%

Downside: 72.70%

*Modern Portfolio Theory

Growth of a $10,000 Investment
through 5/31/2020

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 11/3/2009

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 11/3/2009

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 5/31/2020

NAV

2.89%

With Sales Charge

2.89%

Annualized 30-Day SEC Yield
as of 5/31/2020

Subsidized

1.18%

Unsubsidized

1.14%

Fund Documents

Top 10 Holdings
as a % of net assets as
of 5/31/2020

iShares National AMT-Free Muni Bond ETF

The iShares National AMT-Free Muni Bond ETF seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds.

Maturity
as a % of fixed income assets as of 5/31/2020

Fixed Income Country Allocation
(as a % of bond holdings as of 5/31/2020)

United States

100.0%

Quality
as a % of fixed income assets as of 5/31/2020

NonRated

3.70%

AAA

8.70%

AA

46.40%

A

32.90%

BBB

6.70%

BB

1.60%

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is
each Portfolio’s general policy to classify such security at the lower rating level if only two ratings
are available. If more than two ratings are available and a median exists, the median is used. If more
than two ratings exist without a median, the lower of the two middle ratings is used. We do not
evaluate these ratings, but simply assign them to the appropriate credit quality category as determined
by the rating agency.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

The value of the Fund’s shares will change, and you could lose money on your investment. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the fund may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may include a significant portion of its investments that will pay interest that is taxable under the Alternative Minimum Tax (AMT). Exempt-interest dividends the Fund pays may be subject to state and local income taxes. The portion of the dividends the Fund pays that is attributable to interest earned on U.S. government securities generally is not subject to those taxes, although distributions by the Fund to its shareholders of net realized gains on the sale of those securities are fully subject to those taxes. The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the Federal or state level. These and other risks are more fully described in the fund’s prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Effective April 30, 2018, the Portfolio's benchmark changed from the S&P Municipal Bond Index to the Bloomberg Barclays Municipal Bond Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Index Description: The Bloomberg Barclays Municipal Bond is an unmanaged index comprised of securities that represent the long-term municipal bond market. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2021, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinaryfund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses,if any) as follows: Class A shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Pursuant to an agreement between Ivy Investment Management Company (IICO) and Ivy Variable Insurance Portfolios (the Trust), IICO has voluntarily agreed to waive and/or reimburse sufficient expenses of Ivy VIP Government Money Market to the extent necessary to maintain a yield of not less than zero. There is no guarantee that Ivy VIP Government Money Market will maintain such a yield. IICO may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial professional.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.